https://www.taxtmi.com/forum/issue?id=113477 ITC on lifts depends on characterization and use: where used as plant, machinery or capital goods in a factory or as an operational machine necessary for taxable supplies, ITC is generally allowable; where the lift is integral to immovable property construction or classified as a building component (for example in rental premises), views differ and credits may be blocked. Taxpayers must observe input entitlement conditions, avoid claiming income-tax depreciation on the tax element of capital goods, and apply applicable GST reversal and adjustment rules for partial or blocked credits. en-us Tue, 13 Mar 2018 13:06:38 +0530 Thu, 23 Jan 2025 15:55:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=113477 ITC on lifts depends on characterization and use: where used as plant, machinery or capital goods in a factory or as an operational machine necessary for taxable supplies, ITC is generally allowable; where the lift is integral to immovable property construction or classified as a building component (for example in rental premises), views differ and credits may be blocked. Taxpayers must observe input entitlement conditions, avoid claiming income-tax depreciation on the tax element of capital goods, and apply applicable GST reversal and adjustment rules for partial or blocked credits. Discussion-Forum GST Tue, 13 Mar 2018 13:06:38 +0530 https://www.taxtmi.com/forum/issue?id=113477